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Serious About Your Crypto Project? Binance's CEO Says You Should Move (theblock.co) 42
Binance CEO Changpeng Zhao suggested crypto entrepreneurs might need to move to a country more favorable to cryptocurrencies and digital assets amid what appears to be a growing crackdown by U.S. regulators on the industry. From a report: "If you're serious about your project, moving to a new country may not be a bad thing," he said in a Twitter Spaces talk, citing Dubai, Bahrain and France among those places with more welcoming regulation. The comments come on the heels of the New York Department of Financial Services' move to stop Binance partner Paxos from issuing the BUSD stablecoin. Last week, the Securities and Exchange Commission ordered the Kraken exchange to stop offering staking services. "Most regulators at least claim they welcome people to talk to them, but I'm not sure how much access they really do give to people, especially entrepreneur, new projects without reputation," he said, adding that big firms like Binance do have access.
Nigeria (Score:5, Funny)
You might even be able to call ahead and get some locals to assist you in transferring your funds there.
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Somalia might be good too, I heard they have great investment opportunities in the shipping industry too.
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That's great, because a Nigerian Prince - a real royal Prince, mind you - is supposed to send me a check for millions any day now.
Brett
One more thing: (Score:4, Insightful)
... and don't let the door hit you on the way out.
A country of crooks (Score:1, Flamebait)
Lol (Score:4, Interesting)
Re: Lol (Score:4, Funny)
I recall deciding to interview with some crypto bros.
Just remember: no one forced you to admit that.
Re: Lol (Score:1)
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Last I heard they were trying to "free state" Puerto Rico...
Re: Lol (Score:1)
Binance says the quiet part out loud (Score:5, Insightful)
They admit they're a scam and that any nation with rule of law should be off limits to cryptoscammers.
No. More like any nation (Score:2)
may be off limits to innovation going forward.
The world will route around the damage of ignorant, prejudiced, overreaching legislation fetishes.
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The US economy lurched from disaster to disaster all through the 19th century until it took out the entire world's economy in 1929 and lessons were learned.
Cost savings? (Score:4, Insightful)
Sure your accounting costs will go down, but your bribery and extortion expenses will go through the roof.
Also murder and kidnapping. The same sorts of countries that tend to have solid regulations around financial crook-ery are also pretty decent about charging and persecuting violent crimes, keeping a lid on them to some extent. These crypto bros should watch the Leo Prinsloo video. That could end up being their daily commute to the office.
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The only useful service cryptocurrency provides is a way for criminals to launder money.
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There are many valid uses for blockchain, cryptocurrency, and smart contract tech.
Either you haven't looked them up, or you aren't equipped to grok them.
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Name one thing I can do with bitcoin that I can't do with my bank account, which isn't because my bank does not wish to be a party to criminal activity.
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Either you haven't looked them up, or you aren't equipped to grok them.
There are other possibilities that you may not have thought of.
For example: I've read history books, and am well aware of what happens with unregulated, or poorly regulated financial schemes. Because they crash 100% of the time.
There is a very good reason all of your crypto currency schemes value themselves in $US. I bet if you try hard you can figure out why.
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There's a big difference between "theoretically useful" and "practically useful".
So far, no practical uses have been implemented that I have found.
Nothing involving money, because no regulation. No one sane touches unregulated financial transactions, that's how you lose your money with no recourse to ever get it back. So no, no cryptocurrency "valid" uses. This could change with countries looking to regulate it.
Proof-of-work is hideously inefficient ON PURPOSE, so anything using proof-of-work is automatical
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It's essence is to ensure trust (or more precisely, ensure the needed regular, predictable, fair outcomes that trust would provide) via the distributed, consensus-based algorithms and the shared, indisputable-state of the public albeit anonymous ledger.
Look up ZKSNARKs for example.
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No, it's essence is not to ensure trust: it's essence is to provide a transaction system when there is a huge LACK of trust. It can't "ensure trust", it merely provides a way to get things done when there isn't sufficient trust otherwise. If we have sufficient trust in one entity, we can let them handle the transaction process, because that is always going to be incredibly more efficient and safe. Errors can be corrected by the trusted entity, because they have the power to do that, and it's OK that they ha
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And I don't like to accept that the average human is really no smarter than a neanderth
Depending on your purpose... (Score:5, Interesting)
... You may want to move.
If you really have an interest in using "dot money" for good, you should not need to move your country, no matter what country you're in now. Even if you want it just to be "not bad", your current country should be fine.
If, on the other hand, your plan is to make money fast and run, it is probably a good idea to base yourself in a country with limited laws and no extradition to your original country. Eliminate those troublesome links to your homeland that would call you back to face your victims.
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So it is very likely to kill the necessary innovation of useful and not illegal uses of blockchain, cryptocurrency and smart contracts.
Hell the current talk is they're going to basically ban proof-of-stake consensus mechanism. Just a minute ago they were freaking at the electricity use, and now they want to kill a viable solution to it.
The
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Oh, and maintaining that proof in perpetuity, irrespective of IT company bankruptcies, wars, or medium-sized asteroid strikes.
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"oh, also irrespective of building fires, floods, and earthquakes, lest you invoke notarized paper copies."
Because data centers are so notably resistant to fires, floods and earthquakes.
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"oh, also irrespective of building fires, floods, and earthquakes, lest you invoke notarized paper copies."
Because data centers are so notably resistant to fires, floods and earthquakes.
They aren't, but the thing is, blockchains are replicated to tens of thousands of machines. The chance that at least one of them has a copy goes up astronomically the more people have a copy of the blockchain. It would be like everyone having a copy of the birth registry in their house, even if the courthouse burned down, that data is still around. The real innovation of blockchain is in cryptographic proofs that allow us to trust that the data we got from Bob's Uncle really does serve as a valid attestati
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"Notarizations can be faked, blockchains are much harder to falsify."
Then why am I reading every week about how some crypto thing got hacked? It's been awhile since I read about a scam where someone was faking notarizations.
France? (Score:2)
Adding France is a clever trick; unless you have some connection to France, it would be very difficult to do, and anyway they'll extradite you for money laundering. So it makes the list seem more legit, hey, there is even a modern Western country on it!
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Indeed. Hard to find anything the crapcoin peddlers say that is not at the very least a lie by misdirection.
What can possibly go wrong in a small (Score:1)
3rd world country with lax and/or dictator-whim-based regulation?
Sure. Do crime where people care less. (Score:3)
Sound advice for all scammers and other criminals.
Dubai? Oh boy. (Score:1)
"If you're serious about your project, moving to a new country may not be a bad thing," he said in a Twitter Spaces talk, citing Dubai, Bahrain and France among those places with more welcoming regulation.
Welcoming regulation, except for example, Dubai, a country which still has the death penalty for being gay [wikipedia.org]. But hey, they loves them some crypto crime coins, so it's all good.
I guess France works, if you don't mind all the cigarette smoke [youtube.com].
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No man, Dubai is super cool. The sultan has so much oil money, so many Ferraris. The biggest truck in the world, just cruising the dunes. You can get a piece of the action too. You can buy a wife with 1 day's crypto dividends, keep her chained up at home while you go to the club. Live like a king in Dubai!
Dubai is already the destination (Score:2)